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European stocks retreated for a second day, while German bunds edged higher as capital investment and exports from the country missed estimates before a report on business sentiment. Metals rose after tumbling Monday.

Most industries on the Stoxx Europe 600 Index retreated, while Germany’s DAX Index also slipped. U.S. futures fluctuated and Chinese shares retreated in Hong Kong as a Bloomberg gauge of mining companies fell for a third day. Copper traded near $ 4,500 a metric ton in London and nickel rose from its lowest level since 2003. Crude’s climb back above $ 42 a barrel bolstered Malaysia’s ringgit, while the dollar eased back after rallying against major peers amid prospects for higher U.S. interest rates this year.

Energy and materials stocks have led equity declines this year, sliding at least 14 percent compared with the 2.1 percent retreat in the MSCI All-Country World Index. Expectations that the Federal Reserve will raise borrowing costs at its meeting next month have underpinned gains in the dollar, making metals more expensive for buyers holding other currencies. An increase in output from some producers coupled with concern over the impact of China’s slowdown on demand is also fueling anxiety.

The Stoxx 600 slipped 0.8 percent by 8:16 a.m. in London. The gauge had its biggest slide in more than a week yesterday amid declines in metals that dragged commodity producers lower. Futures on the Standard & Poor’s 500 Index were little changed at 2,084 after the U.S. benchmark lost 0.1 percent in New York.